Statement re possible offer for Ophir by PT Medco Price edging up, albeit on low volume. Perhaps a better bid offer is under discussion for the 28th. Interesting to see where we close today, but strength into the close is often a good sign.

CharlieHarper
18 Jan 2019

Statement re possible offer for Ophir by PT Medco Hi BB we seem to be in a better place right now as the dust has settled, than we have been for some time, albeit we’re at the bottom looking up. Is there the appetitite for the climb back up the sp with no Fortuna or Tanzania gas discoveries to fuel any rise? We’re involved in one of the global big plays in the Gulf of Mexico where the sp could see massive upside in discoveries…again appetities and risk are we heading towards adding more Asian assets and production divi’s for the share holders? Re-alising any profit from E/G or Tanz should go straight to us long suffering pi’s not into production asset accunmulation. Crypto’s bust at the moment but its one of the few vehicles left out there for the unscrupulous to smear themselves over so it will boom again. Thanks for the links BB… New Scientist Bitcoin’s price is plummeting – will the cryptocurrency survive? Bitcoin investors have had a rough ride this year as the price of the cryptocurrency has tumbled, making it less economical to produce the coins New Scientist Bitcoin has become an environmental, as well as financial, disaster We should be celebrating bitcoin's downfall. What began as an interesting experiment now consumes enough electricity to power 4 million US homes I do like the pipe and slippers statement from Booth, just depends if thats your thing… “He added: “We are building a company with increasing cash generation, and declining risk capital expenditure. Our future investment decisions will continue to focus on maximising returns to shareholders.” [link] This investing lark is for the birds jumping in and out of an ever changing narrative is where its at…well it was for me anyway…time to get back in the ring. Don’t be shy with the gems sharing BB and i don’t care where you got them [link] best of luck

BarleyBaron
16 Jan 2019

Statement re possible offer for Ophir by PT Medco CH. I’ve got me slippers on, dog beside me and ready for a natter. I had a look see over on the lse bb for the first time. Petrusadvisers.com open letter to the Ophir board. Basic summary in selling off SE Asian portfolio and return excess capital to shareholders, Tanz and Mexico asset to be sold off at some point. Not had a full read of the letter as of yet. Your basic asset strip, which I detest with much passion. But if it brings shareholders value then I suppose you have to go with it. I’d hate to see us sold as I think we have a plan now but it has been a monumental ****up getting that plan. Boy have we been manipulated, right left and centre. I would love to see us have a crack at Mexico without somebody pestering us into a sale. Just leave us alone to get on with it. Maybe the BoD want to sell up but after that last update I think not. As i said last night I am more optimistic of a good forward looking outcome. Crypto’s… Been there and done that. Made a wee bit but retreated from it with my tail between my legs. It is not for the faint hearted and boy do you have to do your research and then do it again and then do it again and again. It basically runs on a cycle of boom and bust and at present it is in the bust cycle. Your entry point is crucial and who you deal with to gain that entry point is even more crucial. I know a few experts in cryptcurrencies and the first thing they told me was to make sure I had an ‘instant’ exit strategy. You have to be aware that it is a wild west type of gamble. The US Securities and Exchange Commission have a lot of info on all of the crypto exchanges and there are numerous bloggers out there who will direct you in the right direction. It is not a case of buying in and waiting. Trust me on that and if anybody says its easy to make a killing… walk away. By all means if you are keen go for it but please do your homework. If you can get a copy of the New Scientist dated 15th December 2018… there is a good piece in it about crypto’s. Ear to the ground… I have a few gems up my sleeve which I will get back to you on them. My dog is giving me that walkies look. Baron.

CharlieHarper
16 Jan 2019

Statement re possible offer for Ophir by PT Medco Some news BB… New assets lift Ophir’s output Assets bought from Santos earlier this year provide material increase in production Josh Lewis 15 Jan 2019 085 GMT Updated 15 Jan 2019 086 GMT London-listed Ophir Energy saw output rise in 2018 following the acquisition of a portfolio of South-East Asian assets from Australian company Santos. Output in 2018 averaged 29,700 barrels of oil equivalent per day, up from an average of 11,700 boepd recorded over the previous year and 8% ahead of its previous guidance. Ophir noted the Madura and Sampang production sharing contracts in Indonesia and Block 12W in Vietnam, which it acquired from Santos in a $205 million deal, accounted for 18,000 bpd of production. "With the successful integration of the Santos South-East Asian assets, Ophir has significantly strengthened its production and development portfolio,” interim chief executive Alan Booth said. “We are now well positioned to generate significant free cash flow going forward. Our underlying business and balance sheet remain robust.” Ophir also noted in its operations and trading update on Tuesday that its operating expenses were estimated at $12 per boe, while year-end debt was estimated to have reduced to $35 million. Opex costs are expected to rise this year to $16 per boe due to workover drilling on the Kerendan field and electric submersible pump replacements for three wells on the Bualuang field. Output is also expected to average about 25,000 boepd during 2019, in line with the company’s previous guidance The update comes a day after Ophir’s board rejected a proposed £340 million ($438.1 million) takeover offer from Indonesia’s PT Medco Energi as it believed it undervalued the company. Ophir rejects Medco offer Board unanimously agrees potential takeover offer undervalues the company Josh Lewis 14 Jan 2019 07:21 GMT UK-listed company Ophir Energy has rejected a potential takeover offer from Indonesian player PT Medco Energi. Ophir confirmed Monday its board had met to consider the £340 million ($437.1 million) offer which Ophir confirmed last week it had received in December. The UK company’s board unanimously rejected the proposal after it came to the conclusion Medco’s proposed 49.5 pence per share offer undervalued the company. The offer price represented a 46.1% premium to Ophir’s share close of 33.2 pence on 28 December, the last business day before Medco announced the possible offer for Ophir. Its shares closed at 45 pence on Friday. Medco previously noted that its proposal was not a firm offer, adding it had until 28 January to make a firm offer or walk away under UK takeover rules. Medco, headquartered in Jakarta, earns the bulk of its revenue from oil and gas operations, mainly in Indonesia. The firm has focussed on expanding its Southeast Asia presence and adding to its existing assets in the Middle East and North Africa. It has made a number of large acquisitions in recent years, including leading a $2.6 billion purchase of the Indonesian unit of Newmont Mining in November 2016. No extension for Ophir’s Fortuna licence London-listed player told by government of Equatorial Guinea that 31 December expiration of permit for Block R has taken effect Iain Esau London 10 Jan 2019 230 GMT Equatorial Guinea’s government has notified London-listed Ophir Energy that it will not extend the Block R licence off Bioko Island which expired on 31 December, seemingly spelling the end of a plan to exploit the Fortuna gas complex via a floating liquefied natural gas vessel. Alan Booth, Ophir’s interim chief executive, described the Ministry of Mines & Hydrocarbons’ decision as “ disappointing”, particularly because the company was “still talking to highly credible potential co-investors” and had expended much effort and cost in trying to get the FLNG scheme off the ground. Ophir aims to take a non-cash impairment of around $300 million as a result of the government’s decision. However, some country watchers suggested Ophir may still have an opportunity to regain access to Block R, citing a statement by Booth which said: “We will continue to work constructively with the authorities in Equatorial Guinea.” One industry source’s interpretation of this statement is that, while the government’s decision is 100% definitive “in writing”, there is a small chance that “further conversations” could take place. Assuming Ophir’s exit is confirmed, it will likely sound the death knell for a project that aimed to deploy a Golar LNG-owned FLNG vessel to exploit 2.5 trillion cubic feet of gas held in Fortuna. There is market talk that Equatorial Guinea’s authorities may already have lined up a new operator for Block R with Chinese players willing to invest in FLNG schemes suggested as potential interested parties. Nevertheless, developing Fortuna as a subsea tieback to Marathon Oil’s LNG plant on Bioko Island is the most obvious development scenario, said one observer. “I think (the ministry) is now more interested in a tieback to Punta Europa,” the source said. Commenting on the government’s decision, David Round, analyst with BMO Capital Markets, said it “ should come as little surprise to Ophir or the market (and) in many ways… tidies up the portfolio and facilitates further discussions with Medco (Energi).” Over the new year period, Ophir revealed that Jakarta-based Medco had made an approach to acquire the company. The two parties are now in talks about a possible cash offer to be made by Medco for the entire issued and to-be-issued share capital of South-East Asia-focused Ophir. Ophir said this week that its discussions with Medco “have taken place in the shared knowledge that there were a number of potential outcomes with respect to our Fortuna asset, and these discussions continue”. Round said that “any deal would be an important springboard for Medco’s South-East Asian footprint so we do not see (the Fortuna) announcement as a deterrent to future discussions”. Medco has until 28 January to make a clear binding offer for any deal to proceed. Last week, Wood Mackenzie analyst Angus Rodger described Medco’s approach for Ophir as “a bold move” which, if successful, would create a South-East Asian upstream powerhouse, boosting its production by 30% to 110,000 barrels of oil equivalent per day, 101,000 boepd of which would be in its home region. This, said Rodger, would make Medco the seventh largest independent upstream producer in South-East Asia, surpassing Hess and BP and just behind Repsol and Total. After Medco’s approach was announced, Ophir’s share price surged from 35.05 pence to 46 pence (59 cents), and edged down to 44.85 pence on 7 January, the first day of trading after the Fortuna announcement. Interest for Aminex holders? Violence and graft hit confidence in Mozambique LNG funding plans … 10 Jan 2019 230 GM Tensions are rising in northern Mozambique as the government seems unable to quell growing instability, while a series of high-profile anti-graft arrests have seriously damaged the country’s financial reputation and cramped the capacity of investors to fund liquefied natural gas projects, writes Barry Morgan. With the indictment of former finance minister Manuel Chang and three Credit Suisse bankers under the US Foreign Corrupt Practices Act, details of a hitherto hidden debt scandal are emerging that has laid bare the lack of accountability at the heart of the regime. “Mozambique’s damaged standing will make it harder for national oil company ENH to offer sovereign guarantees to finance its mandated 10% stake in the Offshore Areas 1 and 4 LNG projects,” according to a report released this week by UK risk consultant Verisk Maplecroft. “A shallow banking sector means domestic financing is not a viable alternative for ENH” and this has implications for the political environment for the funding offshore schemes, said Verisk’s Africa analyst, Ed Hobey-Hamsher. He added that the US Department of Justice may use plea bargaining to fill the gaps in an audit conducted by US-based risk consultant Kroll, which revealed the disappearance of some $500 million within the Defence portfolio under Mozambican President Filipe Nyusi’s stewardship. The complicity of ruling party Frelimo officials together with “a lack of financial credibility will make it harder for ENH to finance participation in offshore developments in a year when the final investment decision is expected for Area 1 with a licensing round planned before mid-2020,” said Hobey-Hamsher. Not only will this result in delays to projects being sanctioned but also postpone the realisation of LNG revenues, he added. The consequences might reach even farther, rendering void some $2 billion-worth of fisheries project loans, said Mitu Gulati, a professor of law and sovereign debt expert at Duke University in the US. Moreover, criminal attacks on lives and property in the province of Cabo Delgado have intensified in recent years with evidence of affiliation with Islamist terror group Ahlu Sunnah Wa-Jama, associated with a Tanzanian group connected with Islamist militants farther up the East African littoral. These linkages have become increasingly clear and are consolidating, Upstream learned during an exclusive security briefing in Cape Town from another leading global risk group. Last year saw scores of fatalities and some 45 houses and one mosque destroyed, leading to the arrest and trial of 100 terrorists including Tanzanian and Somali nationals. In addition, attacks by child soldiers have been reported in Macomia, Nangade, Palma and Mocimboa da Praia districts. US independent Anadarko Petroleum and Italy’s Eni expect to build their LNG trains in Palma, located 400 kilometres from Pemba, following the discovery of 180 trillion cubic feet of gas in the offshore Ruvuma basin in Areas 1 and 4. Countrywide reserves are soon tipped to exceed 250 Tcf with LNG exports scheduled to come on stream before the end of 2023. TPDC issues bids for 3D seismic shoot in southern waters . 10 Jan 2019 230 GMT Tanzania’s state-owned oil and gas player has issued bid documents for a 3D seismic data gathering exercise in the country’s southern waters. The work covers the acquisition and processing of 3D seismic in the 4/1B, Mnazi Bay North and West Songo Songo blocks. Tanzania Petroleum Development Corporation (TPDC) wants its chosen contractor to acquire and process almost 900 square kilometres of 3D data. The bulk — some 600 square kilometres — will be shot in deep-water Block 4/1b, while 183.4 square kilometres will be acquired in West Songo Songo and 93.1 square kilometres in Mnazi Bay North. Bid documents must be submitted to TPDC’s headquarters in Dar es Salaam by 8 February. The three blocks are reserved for TPDC. Originally operated by BG Group, Block 4/1B — and adjacent Block 4/1C — is located in ultra-deep water directly north of the maritime border with Mozambique. Mnazi Bay North is sandwiched between the producing Mnazi Bay gas field and Shell-operated Block 1, which hosts several deep-water finds that are due to feed gas to a liquefied natural gas complex to be built at Lindi. The Songo Songo acreage lies close to shore near the producing field of the same name. best of luck

BarleyBaron
16 Jan 2019

Statement re possible offer for Ophir by PT Medco Happy New Year Charlie. I see you found my other post which I had intended to be read here, not somewhere else on this dreadful site. I have no idea what I did wrong but I also have no idea how to get it back on this page. I had 2 other posts deleted on the subject as well, cant see why as I am so mild mannered with my views (big chuckle). 48.5p. A stonking offer i must say. Where did they get that from and are they going to try again. I took a gamble and loaded up on Monday pre update and again today and i am happy i did. Not surprised at all that the sp did not rise significantly after the update, lots of positions being filled and lots of head scratching and number crunching going on pre the next offer, if there is one which i doubt and if there is one it will be a lot higher. Good base for adding as we know the offer was rejected. Just my views. Granted Fortuna looks like it is a dead duck but the update does look like we have a plan going forward. As i said in my other post, just wish they would keep us informed with more info, obligated or not. I am more optimistic now than i was a couple of months back. We shall see. Keep up the good work on the info, appreciated. Baron. Any idea on how to get my post back here, he’s lonely out there.

Statement re possible offer for Ophir by PT Medco Operations and Trading Update Tue, 15th Jan 2019 070 RNS Number : 0724N Ophir Energy Plc 15 January 2019 15 January 2019 Ophir Energy plc (“Ophir”, the “Group” or the “Company”) Operations and Trading Update Ophir provides the following update on its trading and operations for the twelve month period ending 31 December 2018. Alan Booth, Interim CEO of Ophir, commented: "With the successful integration of the Santos South East Asian assets, Ophir has significantly strengthened its production and development portfolio. We are now well positioned to generate significant free cash flow going forward. Our underlying business and balance sheet remain robust. "As we announced on 5 January, the Block R licence in Equatorial Guinea has not been extended. We are in negotiations to rationalise parts of our frontier exploration portfolio with the potential to not only bring in cash, but also importantly reduce our future exploration capital commitments and further improve our liquidity position. We remain mindful of the potential value of our gas assets in Tanzania, notwithstanding the uncertainty over timing for their development. “As outlined in our strategy statement on 13 September, we are building a company with increasing cash generation, and declining risk capital expenditure. Our future investment decisions will continue to focus on maximising returns to shareholders.” Summary of 2018 Financials The below table provides a summary of the estimated financial information in this release on both a pro-forma and IFRS basis based on the company’s unaudited preliminary financial results: Units Proforma Basis(1) IFRS Basis(2) FY 2018 (E) FY 2018 (E) Production (boepd) 29,700 17,200 Acquisition cost (with effective date of 1 January 2018)(3) ($'millions) 205 149 Capital expenditure (including pre-licence expenditures) ($'millions) 122 117 Net debt ($'millions) 35 35 Gross liquidity (cash and undrawn debt facility)(4) ($'millions) 390 390 Full year 2018 pro forma basis assuming accounting for the Santos acquisition from the effective date of 1 January 2018. Full year 2018 IFRS basis with acquisition accounting for the transaction from the closing date of [6 September 2018], and as will be reported in the company’s consolidated 2018 financial statements. Net cash settlement in 2018 for acquisition of Madura, Sampang and Block 12W was $149 million. The final accounting for the acquisition will recognise the measurement of the acquisition date fair values of the identifiable assets and liabilities. This will likely include non-cash adjustments for deferred tax, decommissioning, etc. as a consequence of the transaction. Gross liquidity is calculated after repayment of the Bridge Facility of $103 million on 3 January 2019 2018 Financial Highlights: (all 2018 figures, unless otherwise stated, are on a pro-forma basis accounting for the Santos acquisition from the effective date of 1 January 2018) Â· Capital expenditure (including pre-licence expenditures) estimated at $122 million, below previous guidance of $145 million. Â· Opex estimated at $12 per boe highlighting the low cost and cash generative nature of our expanded production base. Â· Year-end net debt estimate reduced to $35 million (from $65 million previously) as a result of lower capital expenditure. Â· Cash and cash equivalents estimated at $323 million with gross liquidity available (cash and undrawn debt facilities and after assuming repayment of the Bridge Facility on 3 January 2019) estimated at $390 million. The 2018 leverage ratio (gross debt/cash flow from operations before working capital adjustments) is estimated at 1.5 and 2018 year-end gearing ratio (gross debt divided by gross debt plus equity) is estimated at 32%. On a net debt basis, the leverage ratio is estimated at 0.2 and the gearing ratio at 5%. The company’s balance sheet therefore remains strong at year-end 2018. 2018 Corporate & Operational Highlights: Â· Acquisition of interests in the Madura and Sampang PSCs (Indonesia) and Block 12W (Vietnam) from Santos for $205 million materially increased production and cash flow. These assets have performed better than expected with the assets returning cash flow of approximately $110 million in full year 2018, representing approximately half the initial purchase price. Â· Daily production averaged 29,700 boepd, 8% ahead of guidance with Madura, Sampang and Block 12W contributing 18,000 boepd. Â· De-risked the next phase of growth in the Sampang and Madura PSCs through the FID of the Meliwis development and the Paus Biru exploration success. These developments will not only bring new fields in the licences on stream but also extend the economic life of the existing fields. Â· Continued to makes progress towards rationalising the wider frontier exploration portfolio. A series of commercial agreements are under negotiation which, if successful, will reduce forecast exploration spend significantly in 2019 as well as reduce the future exploration commitment spend from its current level. Â· Commenced the relocation of the corporate functions from London to Southeast Asia with the plan to complete the move by September 2019, yielding further significant costs savings during the coming year. The company’s 2018 financial statements are likely to include provisions of approximately $10 million forrestructuring and relocation costs. Â· Completed refinancing and expansion of Reserve Based Lending Facility (RBL). The RBL was increased by $100 million to $350 million with the maturity also extended by 18 months to 31 December 2025. The borrowing base amount under the RBL was closed-out with Lenders at 31 December 2018 at $322 million. The expanded RBL was drawn by a further $100 million to $250 million on 2 January 2019 to fully repay the outstanding amount of $103 million against the $130 million 18 months Bridge Facility. 2019 Outlook and Guidance (assuming an average Brent price of $61 per bbl) Â· Daily production for 2019 is forecast in line with previous guidance at 25,000 boepd. Â· The company has two oil price hedges in place for 2019: for the period to 6 September 2019, the company sold a Brent swap at approximately $70 per barrel and purchased a Brent call at approximately $78 per barrel for 2,000 bpd; and for the full calendar year 2019, the company sold a Brent swap at approximately $56 per barrel and purchased a Brent call at approximately $66 per barrel for 2,000 bpd. Â· Opex per bbl is expected to be $16 per boe, an increase on the previous year due to workover drilling on the Kerendan field and ESP replacements for three wells on the Bualuang field. Â· Capital expenditure is expected to be approximately $150 million assuming various farm-outs are closed successfully. The majority of the spending for 2019 (approximately $110 million) is development and production expenditure focused on growing our production and cash flow, including both Bualuang and Madura (Meliwis development). The balance of spend is provided for exploration, predominantly exploration commitments as the company manages its exit from its deep water portfolio. The company is seeking to reduce those commitments further where possible. Â· Year end net debt is forecast at $70 million, below our previous guidance of $105 million. Â· Cash and cash equivalents, and gross liquidity, at year end 2019 are forecast at $230 million. This assumes the company reduces its total debt exposure by 2019 year-end to $300 million giving rise to a 2019 leverage ratio (gross debt/cash flow from operations before working capital adjustments) of 1.5 and 2019 year-end gearing ratio (gross debt divided by gross debt plus equity) of 30%. On a net debt basis, the leverage ratio is forecast at 0.5 and the gearing ratio at 10%, demonstrating conservative leverage. best of luck

Fortuna finance Indonesia’s Medco Energi could offer 340 mln stg for Britain’s Ophir Jan 11 (Reuters) - Indonesia’s Medco Energi Internasional Tbk PT said on Friday its unit was continuing talks with Britain’s Ophir Energy for a possible 340 million pounds ($435.88 million) all-cash takeover. Medco said shareholders of Ophir, an upstream oil and gas exploration and production company focused on Asia and Africa, would receive 48.5 pence in cash for each Ophir share. Medco under British takeover rules had until Jan. 28 to make a firm offer or walk away. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli) U.S. – 11 Jan 19 Indonesia's Medco Energi could offer 340 mln stg for Britain's Ophir Indonesia's Medco Energi Internasional Tbk PT said on Friday its unit was c... best of luck

vprt
11 Jan 2019

Shotry/onedb Shotry: Look again, with the heading “Possible Offer…” at 10:53am today. Important news easily drowns in the flurry of shareholding notices these days… Medco are suggesting they might bid 48.5p in cash, not agreed by Ophir. Good to get a number out there, hopefully another party will be attracted and create some competition. But not sure how likely that is given that it is trading at a discount, rather than a premium, to the 48.5p.

Shotry
11 Jan 2019

Shotry/onedb I don’t see an RNS, but SP just jumped over 2p. Something going on and some news leaking?

Shotry
10 Jan 2019

Shotry/onedb I’ve re-entered today at around 43.7. Some positive SP action today and it looks as though the SP will end on a high.

CharlieHarper
07 Jan 2019

Fortuna in Golar focus despite OneLNG hit Ophir Energy: Block R Licence, Equatorial Guinea Mon, 7th Jan 2019 070 RNS Number : 3020M Ophir Energy Plc 07 January 2019 5 January 2019 Ophir Energy plc (“Ophir”) Block R Licence, Equatorial Guinea Ophir announces that it has received notification from the Equatorial Guinea Ministry of Mines and Hydrocarbons that the Block R Licence, which contains the Fortuna gas discovery, will not be extended following expiry of the licence on 31 December 2018. As a consequence, there will be an additional non-cash impairment of the asset, expected to be around $300 million, in Ophir’s full year financial results following the impairment taken in the half year results reported in September 2018. The Board remains focused on implementing the strategy outlined in its announcement on 13 September 2018 and options available to maximise value for shareholders. In this regard, the Board would highlight the recent updates it has provided to the market in respect of its Southeast Asia assets, which it believes demonstrate the underlying quality of these assets including its recent acquisition of Santos. As outlined in our announcement of 31 December 2018, Ophir and Medco have entered into discussions about a possible cash offer to be made by Medco for the entire issued and to be issued share capital of Ophir. Our discussions with Medco have taken place in the shared knowledge that there were a number of potential outcomes with respect to our Fortuna asset, and these discussions continue. The next scheduled announcement by the Ophir will be our pre-close trading statement on 15 January 2019 when we shall update investors on the progress made throughout our portfolio and the advances to our production and cashflow base in Southeast Asia. Alan Booth, Interim Chief Executive of Ophir, commented: "It is disappointing that the Ministry has decided not to extend the licence, despite the amount of effort and cost dedicated to the delivery of the project and especially as we were still talking to highly credible potential co-investors. Nevertheless, we will continue to work constructively with the authorities in Equatorial Guinea. I should like to thank everyone in the Ophir project team; you gave this your very best endeavours. Looking ahead, the Group’s cashflow, capital commitments and growth prospects will be focused in Southeast Asia, where we have built a robust operating platform capable of delivering value to shareholders." best of luck

CharlieHarper
02 Jan 2019

Takeover Shell for Tanz@$300m…Fortuna license extension might realise $300m for Ophir probably not…all the rest $300m…minus debt, sundries, bar tabs, etc and $1 a share give or take…a pittance when you think Fortuna would realise around $600m a year when fully up and running @ 30%…taken out by the greedies, Nick Cooper the mole in the camp and Schloomburger & co the executioners. Durty bassas… best of luck

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